The following information is for Cheyenne Ltd. for the year ended June 30, 2024. CHEYENNE LTD. Statement of Financial Position As at June 30 2024 2023 Assets Current assets: Cash $66,100 $47,300 Accounts receivable 97,800 67,900 Inventory 86,500 98,800 Total current assets 250,400 214,000 Equipment 154,100 115,100 Accumulated depreciation, equipment (27,200) (25,700) Land 163,300 200,000 $540,600 $503,400 Liabilities and shareholders' equity Current liabilities Accounts payable $50,000 $71,300 Dividends payable 17,900 5,400 Total current liabilities 67,900 76,700 Bank loan payable 117,500 168,000 Common shares 167,500 112,100 Retained earnings 187,700 146,600 $540,600 $503,400 CHEYENNE LTD. Statement of Income For the year ended June 30, 2024 Sales revenue Cost of goods sold Gross profit $495,000 236,000 259,000 Expenses Wages expense $65,300 Depreciation expense 14,800 Rent expense 20,600 Income tax expense 19,600 120,300 Operation income 138,700 Gain on sale of equipment 5,000 Net income $143,700 Additional information: 1. Land was sold at cost and none was purchased during the year. 2. In January, Cheyenne sold for cash equipment that had an original cost of $25,700 and a net carrying amount of $12,400. Using the information above, prepare the statement of cash flows for Cheyenne Ltd. for the year ended June 30, 2024, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) CHEYENNE LTD. Statement of Cash Flows, Indirect Method For the Year Ended June 30, 2024 Cash Flows from Operating Activities Net Income Depreciation Expense 143,700 14,800 Gain on Sale of Equipment (5,000) Increase in Accounts Receivable (29,900) Decrease in Inventory 12,300 Decrease in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase Equipment Proceeds from the Sale of Land (21,300) (64,700) 36,700 Proceeds from the Sale of Equipment 17,400 Net Cash Used for Investing Activities Cash Flows from Financing Activities Dividends Paid (90,100) Issuance of Common Shares 55,400 Repayment of Bank Loan (50,500) Net Cash Used for Financing Activities Net Change in Cash $ 114,600 (10,600) (85,200) 18,800 > > Net Cash Used for Financing Activities Net Change in Cash Ending Cash Opening Cash Net Change in Cash > > (85,200) 18,800 66,100 47,300 18,800 (b) Determine the cash flows from operating activities using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CHEYENNE LTD. Statement of Cash Flows, Direct Method > $ $ +A